Oil prices continue to churn in the face of the declining global output and the possibility of a military strike on Syria. Interestingly, while good news, in the form of terrific auto sales, was good news for the equity markets, it was not good news for the oil and gold, as the prospects for Fed tapering increased. Commodities have risen, to a degree, on the back of the hyper-easing measures of the world’s central banks. To the extent this support gets withdrawn, commodity prices will necessarily pullback. WTI prices fell, despite the incremental progress by the Administration to secure approval for the Syrian military strike.
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